Try adding this to the .htaccess file in the location where you installed SilverStripe:

php_value max_execution_time 120

You may also want to change the server name to "127.0.0.1" instead of "localhost" if that's how you've set the database connection.
For whatever reason, Windows is slower to resolve localhost for MySQL, don't ask me why, it affects PHP, MySQL and Windows in general.

If you've already installed SilverStripe, simply change the mysite/_config.php "server" value in the $databaseConfig array to "127.0.0.1" if it's set to localhost.

Otherwise, specify "127.0.0.1" in the "Database server:" field on the SilverStripe installation screen to start from scratch.